By Guest on March 2, 2010
Your savings are a long-term investment, and whether you have accounts for short term purchases to furnish your home or fill your wardrobe, or whether you have your emergency fund and bill payment funds saved in the same place, you have worked hard to earn your money.
You have also worked hard to be disciplined enough to save it in the first place – so why would you allow your savings to be eroded by fees?
The easiest mistake to make when it comes to choosing a savings account is thinking that account fees won’t make much difference to your overall savings.
Here is an example of how fees can adversely affect your savings returns, plus a little advice on how to choose a fee-free savings account and maximise interest earnings.
Examples of Fee Effects on Your Return on Investment
As an example, consider a $10,000 investment in a high interest savings account, over 12
Continue reading How Fees Can Quickly Erode Your Savings Account Returns…
By Len Penzo on February 28, 2010
This weekend I bought four new tires for my 1997 Honda Civic. The tires came with a pro-rated guarantee for 65,000 miles and ended up costing me $74 each, or just under $300 for the entire set.
As the salesman was tallying up the bill he asked me if I would like to purchase the extended warranty for my brand new tires.
“And how much is that?” I sheepishly asked.
“It’s only $9.95,” came the salesman’s immediate reply.
“Is that per tire?”
“Well, yes.”
“So it’s not really $9.95, right? What you meant to say is that it will cost me an extra $40.”
The salesman readily agreed and then quickly assured me he wasn’t trying to mislead me. I nodded my head but my raised eyebrows belied my true feelings.
Seeing that he was losing the battle, the sales guy looked me straight in the eye and insisted that the extended warranty was “a really good deal
Continue reading Why Extended Warranties for New Tires Are A Waste of Money…
By Len Penzo on February 27, 2010
It’s time to sit back, relax and enjoy a little joe…
Blogs I’ve Been Following This Week
Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week…
Hey, I’ve been nominated for a Plutus Award. WTF are the Plutus Awards? I never heard of them before this year either, but apparently it is like the Oscars for personal finance bloggers.
Unfortunately, the only category where I would win in a landslide – Worst Personal Finance Blogger – is not on the ballot this year.
Instead, I am a finalist in the category of Most Humorous Personal Finance Blog.
Too bad the category wasn’t for the Most Humorous LOOKING Personal Finance Blogger, or I would have that one comfortably wrapped up too, but that’s what we have to work with this
Continue reading Black Coffee: My Favorite Blogs, Money News & Opinions #35 (National Health Summit Edition)…
By Len Penzo on February 25, 2010
This is a review of the 2009 movie Zombieland starring Woody Harrelson, Jesse Eisenberg, Emma Stone, and Bill Murray
Plot Summary: A cowardly shut-in named Columbus is forced to join up with a seasoned zombie slayer named Tallahassee in order to survive the zombie apocalypse.
The Honeybee: That smells good, what’s for dinner?
Me: It’s a little Asian/Mexican fusion dish I’m putting together.
The Honeybee: Yummy – that sounds like a fun combination.
Me: Part of the allure behind fusion cooking is the risk factor – when it’s done well, the results are tremendous.
The Honeybee: Yeah, but you’ve also tried a few combinations that failed miserably. Remember that lame Polynesian/French fusion idea of yours?
Me: You mean my baked onion stuffed with pineapple and coconut topped with a rich curry sauce? How can I forget? You’re always telling everybody about that little disaster.
The Honeybee: So? It’s my way of coping; that meal was a
Continue reading Drive-By Movie Review: Zombieland…
By Len Penzo on February 23, 2010
Most of us are looking to reach some magic number before finally retiring; that magic number, of course, is the amount of money we’ll need to have accumulated by a certain age in order to not outlive our savings.
Now I am of the opinion that one can most certainly save too much for retirement.
After all, I’m not working my butt off and diligently sacrificing and saving money so my relatives can receive a big inheritance after I pass away. Sorry.
To me, I’ve planned my retirement perfectly if I pass away with enough money and assets left over to cover my funeral and provide for the Honeybee until her time comes.
But, Len, what about your kids? Yeah, yeah, what about them?
Even though they are still pre-teens, I’m already teaching the little buggers that they need to be personally responsible for their own financial well-being. Rest assured after they leave the nest
Continue reading Retirement Savings: Why My Kids Shouldn’t Plan on Receiving an Inheritance From Me…
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